Terreno Realty Corporation has finalized a significant acquisition, purchasing industrial properties in Kearny, New Jersey, and Doral, Florida, for a combined $194.3 million. This latest transaction is part of a larger multi-market portfolio acquisition totaling $426.9 million, underscoring the company’s strategic focus on prime industrial real estate.
Key Takeaways
- Terreno Realty Corporation acquired three industrial distribution buildings totaling 509,000 square feet.
- The properties are situated on 27.6 acres and are currently 36% occupied by five tenants.
- This acquisition marks the completion of a larger $426.9 million multi-market portfolio.
- The company targets six major U.S. coastal markets for its industrial real estate investments.
Strategic Investment in Industrial Properties
The Bellevue, Washington-based Terreno Realty Corporation announced the completion of its latest property acquisitions. The newly acquired assets include three industrial distribution buildings, encompassing approximately 509,000 square feet of space spread across 27.6 acres. These properties currently house five tenants, with an occupancy rate of about 36%.
Completing a Larger Portfolio
This $194.3 million investment represents the final phase of a broader multi-market portfolio acquisition. In total, Terreno Realty Corporation has invested $426.9 million to secure approximately 1.2 million square feet of industrial real estate across various key locations. This strategic move highlights the company’s commitment to expanding its footprint in the industrial sector.
Terreno Realty’s Market Focus
Terreno Realty Corporation specializes in acquiring, owning, and operating industrial real estate. Their investment strategy is concentrated on six major coastal markets within the United States. These include the New York City/Northern New Jersey area, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and Washington, D.C. This focused approach allows the company to capitalize on high-demand logistics and distribution hubs.
Sources
- Real estate company just spent nearly $200M on industrial properties in N.J., Florida, NJ.com.
- Real estate company just spent nearly $200M on industrial properties in N.J., Florida, Yahoo Finance.